Valeria Fedyakina (Bitmama)
Biography
Valeria Alexandrovna Fedyakina, widely known under the alias “Bitmama,” became one of the most high-profile figures in Russia’s cryptocurrency fraud investigations. Authorities accused the crypto influencer of orchestrating a large-scale investment scheme that allegedly caused billions of rubles in losses to investors and business associates.
2024: Fraud Charges Related to Cryptocurrency Investments
Moscow Court Freezes ₽2.2 Billion in Assets
On October 18, 2024, it became public that the Zamoskvoretsky District Court of Moscow had ordered the seizure of assets belonging to cryptocurrency blogger Valeria Fedyakina, known as Bitmama. The total value of the frozen property and financial assets was estimated at approximately ₽2.2 billion.
According to case materials, the asset-freezing order had originally been issued earlier in 2024 and subsequently entered into legal force. The restrictions covered all bank accounts, real estate holdings, and other assets identified by investigators as belonging to or connected with Fedyakina.
The Investigative Committee of Russia completed its criminal investigation and formally charged Fedyakina with four counts of large-scale fraud under Part 4 of Article 159 of the Russian Criminal Code. Investigators estimated that four victims suffered combined losses exceeding ₽2 billion across multiple currencies, including cryptocurrency assets.
Key Allegations
Authorities claimed that:
- Fedyakina obtained substantial sums from investors through cryptocurrency-related transactions;
- Victims transferred funds in both fiat and digital currencies;
- The total documented damage exceeded ₽2 billion;
- Several transactions involved international cryptocurrency operations.
At the time, Fedyakina remained in pre-trial detention, where she had recently given birth to a daughter. Prosecutors sought an extension of her detention pending trial, citing two primary concerns:
- Her residency status in the United Arab Emirates;
- Her refusal to admit guilt.
The charges carried a potential sentence of up to ten years in prison, along with a fine of up to ₽1 million or an amount equivalent to three years of earnings. The court-approved asset seizure was intended to preserve funds for potential compensation to victims and payment of court-imposed penalties if a conviction were secured.
Victims, the defendant, and her legal representatives had already begun reviewing the case materials. At that stage, no trial date had been officially announced.
2025
Arrest and Prosecution Over Alleged Theft of Bitcoin and Cash Worth ₽2.2 Billion
On January 15, 2025, additional details emerged regarding the criminal proceedings against Valeria Fedyakina. Russian law enforcement authorities alleged that the crypto blogger had misappropriated large sums of money, UAE dirhams, and bitcoin, with estimated damages reaching at least ₽2.2 billion.
According to information obtained from law enforcement sources, the alleged fraud involved multiple investment schemes designed to attract wealthy investors. One of the largest episodes reportedly involved approximately ₽800 million.
Investigators stated that Fedyakina, who held a residence permit in the United Arab Emirates, encouraged investors to participate in cryptocurrency-related opportunities promising significant returns. Authorities claimed that after receiving investor funds, the money disappeared.
Criminal Proceedings in Moscow
Court records indicate that the trial of Fedyakina, who had been arrested in September 2023, began at the Presnensky District Court of Moscow. She faced charges under Part 4 of Article 159 of the Criminal Code of the Russian Federation, covering large-scale fraud.
The offense carries a maximum punishment of:
| Penalty | Maximum Amount |
|---|---|
| Imprisonment | 10 years |
| Fine | ₽1 million |
Fedyakina consistently denied all allegations.
Victims Identified in the Case
According to the case materials, the list of victims included:
- Evgeny Roitman, one of the founders of Yota and CEO of Antares;
- Mikhail Vesterfrid, Deputy General Director of Ruskontraktor;
- Major private investor Gagik Gulakyan.
The criminal investigation reportedly began following a complaint filed by Gulakyan.
According to his testimony, he sought opportunities to invest in the rapidly expanding UAE real estate market during 2023. Fedyakina allegedly offered assistance with those investments, leading him to transfer hundreds of millions of rubles to her. Gulakyan later concluded that he had been deceived and reported the matter to law enforcement authorities.
June 2025 Verdict
Seven-Year Prison Sentence for Cryptocurrency Fraud
On June 24, 2025, the Presnensky District Court of Moscow convicted Valeria Fedyakina and sentenced her to seven years in a general-regime penal colony.
The court found Fedyakina guilty of misappropriating cryptocurrency assets worth approximately ₽2.2 billion.
The court determined that she unlawfully obtained funds from business partners and investors. Judges also reviewed and approved civil claims filed by victims totaling approximately ₽1.5 billion.
Despite the verdict, Fedyakina continued to reject all accusations and announced her intention to appeal the decision.
Findings of the Investigation
Investigators concluded that Fedyakina had established a financial scheme resembling a pyramid structure that relied heavily on cryptocurrency transactions.
Authorities alleged that she:
- Collected funds from clients and investors;
- Transferred money outside Russia;
- Circumvented currency-control regulations and restrictions;
- Used cryptocurrency infrastructure to move assets internationally.
The prosecution argued that investor funds were converted into digital assets and subsequently transferred through electronic wallets registered in the United Arab Emirates. Fedyakina reportedly earned commissions for facilitating these transactions.
Arrest and Criminal Charges
Law enforcement officers arrested Fedyakina in September 2023. She was charged with committing large-scale fraud as part of an organized group.
Individuals Recognized as Victims
The court documents identified several notable victims:
| Victim | Position |
|---|---|
| Evgeny Roitman | CEO of Antares, Yota co-founder |
| Mikhail Vesterfrid | Deputy Head of Ruskontraktor |
| Gagik Gulakyan | Private Investor |
Gagik Gulakyan’s complaint was reportedly instrumental in initiating the criminal case against the blogger.
Family Circumstances
Fedyakina has a minor daughter who was born in 2023 at a medical facility connected to the detention center where she was being held.
Under Russian law, the child may remain with her mother in the correctional facility until reaching the age of four.
